Income-tax returns validate your creditworthiness and make it possible for you to access financial benefits such as bank credits, etc. An important aspect of filing ITR is filing it on time, failing which you may have to pay penalty up to Rs 10,000 besides interest.

The last date to file tax returns for financial year 2017-18 is July 31, and the CBDT was quick to put up the new ITR forms on its website in a bid to encourage tax payers to get the job done sooner rather than later.